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Not surprisingly, the board has lost legitimacy.
The abrupt encounter, described by three people briefed on the conversation, included a terse comment by the chairman, Michael E. O'Neill: "The board has lost confidence in you".
But since 9/11, the facile comparison between the nation's first M.B.A. president and a detached chairman of the board has lost its currency.
In the last few years, the board has lost several high-ranking staff members who were lured to jobs in private industry.
This effort was said to culminate in an encounter early last week, when Mr. O'Neill told Mr. Pandit that "the board has lost confidence in you," prompting Mr. Pandit to resign immediately.
"Historically the board has lost certified teachers to the suburbs when it has attempted involuntarily to require new teachers to teach in undesirable locations," Mr. Levy wrote in the memo.
Similar(46)
The square pieces on the worn-out board have lost their edges to age and usage.
It was made clear that a majority of the board had lost confidence in him.
Making a change now might give the impression that Goldman's board had lost faith in its chief.
"As an election was not held by that date, Worawi and his executive board have lost their positions.
The individual, who spoke on the condition of not being identified, said the board had lost confidence in the ability of Mr. Michaels to lead the troubled company.
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CEO of Professional Science Editing for Scientists @ prosciediting.com